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Indonesian cryptocurrency exchange Indodax has reportedly fallen victim to a security breach, resulting in significant losses of approximately $20.5 million. According to blockchain security firm SpotonChain, the exchange experienced large outflows of cryptocurrency from its platform.&nbsp; 
Another security group, Cyvers Alerts also flagged suspicious transactions linked to Indodax’s wallets across multiple networks. Cyvers identified that around $14.4 million had already been moved to suspicious addresses, with tokens being swapped into Ether (ETH). 
Following the breach, Indodax <a href="https://x.com/indodax/status/1833681240735760633" target="_blank" rel="noreferrer noopener nofollow">released</a> a statement on X, stating that their security team was investigating the issue and conducting full maintenance to ensure platform stability. As a result, both the Indodax web and mobile applications were temporarily taken offline. 
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 <img loading="lazy" decoding="async" width="480" height="580" src="https://www.cryptotimes.io/wp-content/uploads/2024/09/indodax-1.png" alt="indodax 1" class="wp-image-201041">
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 Source: <a href="https://x.com/spotonchain/status/1833730842939765152" target="_blank" rel="noreferrer noopener nofollow">Twitter</a>
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Further reports suggest the hacker has managed to swap most of the stolen assets and now holds 5,584 ETH worth $13 million, 6.84 million POL worth $2.56 million, 16.7 million TRX valued at $2.55 million, and 25 BTC worth $1.41 million. 
The exchange, which serves a growing user base of over 28.5 million as of 2024, recently listed Islamic coins and other cryptos. Despite the security breach, Indodax recorded a 24-hour trading volume of $11.5 million, with Ethereum transactions accounting for $415,518 of that volume. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/31/north-korean-hackers-exploit-chrome-flaw-to-steal-cryptocurrency-report/" target="_blank" rel="noreferrer noopener">North Korean Hackers Exploit Chrome Flaw to Steal Cryptocurrency: Report</a> 
</blockquote>

Indodax Faces $20 Million Loss from Major Exploit

The Crypto Times

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